Xinda Securities·2025-04-18 13:47Investment Rating - The investment rating for the electronics industry is "Positive" [2] Core Viewpoints - The consumer electronics industry has established a strong global presence, with companies like Industrial Fulian and Lens Technology demonstrating resilience against geopolitical risks through diversified international operations [2][4] - The impact of current tariff policies is expected to be short-term, with potential for recovery in the consumer electronics sector as companies optimize their global supply chains [3][4] - The report emphasizes the importance of Chinese consumer electronics firms in the global supply chain, highlighting their technological advantages and the challenges in finding alternatives in other countries [4] Summary by Relevant Sections Industrial Fulian - Industrial Fulian has a significant global footprint, operating in 14 countries and regions, with overseas assets amounting to 180.158 billion RMB, representing 61.44% of total assets [2][11] - The company is focused on cloud computing and communication networks, with rapid growth in its cloud computing business due to the rise of AI [5] Lens Technology - Lens Technology has become a leading provider of precision manufacturing solutions for smart terminals, with a strong focus on innovation and a diversified product range [13] - The company has established multiple R&D and production bases in China and overseas, including Vietnam, where a new facility is under construction with a budget of 429 million RMB [16] Pengding Holdings - Pengding Holdings is recognized as a major player in the PCB industry, with a diverse product range and significant investments in Taiwan and Thailand [18][23] - The company has been ranked as the largest PCB manufacturer globally for eight consecutive years [18] Linyi Intelligent Manufacturing - Linyi Intelligent Manufacturing has a strong market share in precision components for consumer electronics and has expanded its global footprint with subsidiaries in various countries [24][27] Dongshan Precision - Dongshan Precision has established itself as a leading manufacturer in the FPC and PCB sectors, with significant investments in overseas operations to enhance its global supply chain resilience [29][31] Luxshare Precision - Luxshare Precision focuses on providing integrated manufacturing solutions for consumer electronics and automotive products, with a strong international presence [33][35]